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record the adjusting entries The fiscal year-end for Mason's Landscaping and Snow Removal is December 31 Record the adjusting entries for December 31, 2021. Note:
record the adjusting entries The fiscal year-end for Mason's Landscaping and Snow Removal is December 31 Record the adjusting entries for December 31, 2021. Note: It is helpful to record the original transactions for account balances) in your own rough notes as part of your analysis and calculations of year-end adjusting entries. T- accounts can be very useful for doing this. However, the only entries that should be recorded in the journal for this assignment are the December 31 adjusting entries. The accounts in Mason's ledger are: Bank Service Fees Eamed Accounts Receivable Amortization Expenses Allowance for Doubtful Accounts Reni Expense Supplies Insurance Expense Prepaid Insurance Supplies Expense Prepaid Rent Office Expense Truck Equipment Furniture Maintenance Expense Accounts Payable Track Expense Wages Payable Interest Expense Interest Payable Bad Debts Expense Accumulated Amortization Wages Expense Unearned Service Fees Bank Loan B. Mason, Capital B. Mason, Drawings 1. On July 1, 2021, a customer signed a contract and agreed to pay $840 for 12 months of landscaping and show removal services. Record the adjusting entry only 2. The balance in the Supplies account at the end of the year is $1200. A physical count of the supplies shows that there is $300 worth of supplies on December 31. Record the adjusting entry only 3. Mason pre-paid $800 for six months of rent for a garage beginning October 1, 2021. Record the adjusting entry only 4. A 12-month insurance policy was purchased on March 1, 2021 for $2400. Record the adjusting entry only. 5. Two Invoices were received on January 2 2022 that related to some expenses from December. The expenses were for Maintenance ($450) and for repairs to the Truck ($810). Record the adjusting entry only. 6. Interest on the Bank Loan is 5% per year. The value of the Bank Loan is $8500. Record the adjusting entry for the month of December's accrued interest. 7. The office furniture was purchased May 1, 2021. It cost $8000. Its estimated useful life is 10 years and salvage value is $1700. Ace uses straight-line amortization for the furniture. Record the adjusting entry. 8. The $30000 equipment is being amortized using declining balance method and a 30% rate. There is Accumulated Depreciation on it of $14700. Record the adjusting entry. 9. Uncollectible accounts are estimated at 5% of accounts receivable. Accounts Receivable total $3400 and the Allowance for Doubtful accounts contains $100. Record the adjusting entry. 10. Unbilled customer accounts total $2000 at the end of December. Prepare the Adjusting entry. 11. Employee wages for the two-week period (10 days) ending Jan 9, 2022 are $3400. Employees worked 3 days in December
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